THE INFORMATION CONTAINED WITHIN
THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE
INFORMATION STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.
596/2014 ("MAR") AND THE RETAINED UK LAW VERSION OF MAR PURSUANT TO
THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA
A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
21
May 2024
Oncimmune Holdings
plc
("Oncimmune" or the "Company")
Interim
Results
Oncimmune Holdings plc (AIM:
ONC.L), a leading autoantibody profiling company providing research
services to the pharmaceutical and biotechnology industry to enable
the delivery of precision medicine, announces its unaudited interim
results for the six months ended 29 February 2024 ("H1
FY2024").
Financial highlights
·
Revenue for the period of £1.19m (H1 FY2023*:
£1.12m). This compares to FY2023 12-month revenue for
continuing operations of £1.15m, and signifies a step-change in the
Group's revenues since the strategy reset in October 2023.
FY2024 guidance maintained.
·
Gross profit for the period was £0.46m (H1
FY2023*: £0.48m).
·
Operating loss for the period of £0.76m (H1
FY2023*: £3.53m). This compares to FY2023 12-month operating
loss of £3.92m, demonstrating the impact of materially higher sales
in H1 FY2024 and reduced costs, in particular at Group
level.
·
Gross cash balance at the period end of £0.91m,
compared with £3.21m as at 31 August 2023. The net cash usage
in the period of £2.3m represents the cash outflows of the largely
fixed costs of the business and debt service, partially offset by
cash inflows from customer contracts.
·
Instructions have been sent for the release to
Oncimmune of £1.17m from the escrow related to the disposal of
Oncimmune Limited and other subsidiaries in May 2023. These
funds are in line with the Company's cash forecast.
* Represents the unaudited 6-month
period to 28 February 2023 for both continuing and discontinued
operations. Discontinued operations relate to Oncimmune
Limited and other subsidiaries sold to Freenome Holdings, Inc. ("Freenome") on 19 May 2023.
Commercial highlights and outlook
·
Contracts signed for seven new projects in the
period. All of these contracts are expected to be completed
by the end of FY2024. These are in addition to contracts
entered into prior to FY2024 and performed in the period, including
the Master Services Agreement entered into with
Freenome.
·
First year of Master Services Agreement with
Freenome has been completed and Freenome has indicated that it
looks forward to continuing the relationship with
Oncimmune.
·
During FY2024 the Group's commercial team has been
rebuilt and now consists of three members in the US and two in
Europe. The new team is fully onboarded and
continues to make traction.
·
15 new commercial opportunities were at proposal
stage as at the end of April 2024, with a total weighted pipeline
value in excess of £2.5m. Some revenue is expected to be recognised
in FY2024 and the majority of the remaining revenue expected in
FY2025.
·
Outlook remains positive, with commercial activity
continuing to be high since the end of H1 FY2024. As
previously indicated, revenues for FY2024 are expected to be
approximately £3m. Some large contracts are expected to be
executed and revenue partially recognised by the end of FY2024,
underpinning the revenue forecast.
·
Projects continue to be won and expanded through
one of the major Contract Research Organisations, and discussions
are ongoing with six others on potential collaborations.
Operational highlights
·
Novel techniques continue to be developed within
the Group's commercial partnerships, including the ability to
characterise difficult-to-measure immunoglobulin subtypes. Once
validated, these methods can be applied more broadly to new
commercial offerings.
·
Commercial and technological focus has been
extended into age-related diseases and mechanisms of ageing. Work
has already been carried out with a leading drug discovery company
and approaches received from several global pharma
companies.
Martin Gouldstone, CEO of Oncimmune said:
"I am very
pleased to see that the Company's performance in its first half of
FY2024 has already generated revenues greater than the
ImmunoINSIGHTSTM business during the whole of FY2023,
demonstrating that our new strategic approach and commercial
efforts are gaining traction. The momentum is continuing to
build as our relatively new commercial team has now found its
stride and I expect H2 FY2024 to deliver further growth as we
continue to execute on our refocused
strategy.
Whilst we are seeing continuing headwinds in the industry as a
whole, with some of the large international pharma companies still
undertaking restructurings and reassessing R&D programmes, I am
confident that our differentiated service offering, which we
continue to develop and expand, will become an important tool for
our current and future customers. I am looking forward to speaking
at the BIO 2024 Conference in June alongside some of the major
pharma companies."
For
further information:
Oncimmune Holdings plc
contact@oncimmune.com
Cavendish Capital Markets Limited (Nominated Adviser and Joint
Broker)
Geoff Nash, George Dollemore,
Trisyia Jamaludin (Corporate Finance)
Nigel Birks, Ondraya Swanson
(ECM)
+44 (0) 20 7220 0500
Zeus (Joint Broker)
Dominic King, Victoria Ayton, Dan
Bate
+44 (0)20 3829 5000
+44 (0)20 3727 1000
About Oncimmune
Oncimmune is a precision medicine
company, specialising in analysing immune interactions through the
autoantibody profile. Taking a platform approach to generating
insights, Oncimmune is partnering with global pharmaceutical and
biotech companies, as well as contract research organisations
(CROs) to discover novel biomarkers for the development of more
targeted and effective therapies across many immune-mediated
diseases. Our mission at Oncimmune is to enable precision medicine.
We help our partners to discover novel biomarkers, drug targets and
predict treatment efficacy through the application of our platform.
We are able to do this by deploying our world class scientific team
and our cutting-edge technology platform, built on years of
experience in the field. Our aim is to make this an essential tool
in drug discovery and development.
Oncimmune is headquartered in the UK,
with its discovery and development facility based in Dortmund,
Germany and a business development team based in the US and
Europe.
For more information,
visit www.oncimmune.com
Oncimmune Holdings plc
Consolidated income statement for the six months ended 29
February 2024
|
|
|
Unaudited
6 months to
29 February 2024
|
Year
to
31 August
2023
**
|
Unaudited
6 months to
28 February 2023 *
|
|
|
Notes
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
Revenue
|
|
1,186
|
1,152
|
1,124
|
|
Cost of sales
|
|
(730)
|
(360)
|
(645)
|
|
|
|
|
|
|
|
Gross profit
|
|
456
|
792
|
479
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(1,967)
|
(4,961)
|
(2,912)
|
|
Research and development
expenses
|
|
-
|
(1,255)
|
(690)
|
|
Share-based payment
|
|
753
|
1,182
|
(440)
|
|
|
|
|
|
|
|
Total administrative
expenses
|
|
(1,214)
|
(5,034)
|
(4,042)
|
|
|
|
|
|
|
|
Other income
|
|
-
|
318
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(758)
|
(3,924)
|
(3,527)
|
|
|
|
|
|
|
|
Finance income
|
|
-
|
-
|
-
|
|
Finance costs
|
|
(348)
|
(2,004)
|
(578)
|
|
Finance costs - net
|
|
(348)
|
(2,004)
|
(578)
|
|
|
|
|
|
|
|
Loss
before income tax from continuing operations
|
|
(1,106)
|
(5,928)
|
(4,105)
|
|
Income tax
(expense)/credit
|
|
7
|
(223)
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
for the period/year from continuing operations
|
|
(1,099)
|
(6,151)
|
(4,110)
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
Profit after tax for the year from discontinued
operations
|
|
-
|
10,255
|
-
|
|
Profit/(loss) for the year/period
|
|
|
4,104
|
|
|
Other comprehensive income
|
|
|
|
|
|
Items that may be subsequently reclassified to profit and
loss, net of tax
|
|
|
|
|
|
Currency translation differences from
continuing operations
|
|
1
|
(158)
|
-
|
|
Currency translation
differences from discontinued operations
|
|
|
-
|
|
|
Total comprehensive income/(loss) for the period/year
attributable to equity holders
|
|
(1,098)
|
3,946
|
(4,110)
|
|
|
|
|
|
|
|
Loss
per share:
|
|
|
|
|
|
Basic and diluted loss per share
(pence) on continuing operations
|
|
(0.015p)
|
(8.47)p
|
(5.8p)
|
|
Basic and diluted loss per share
(pence) on discontinued operations
|
|
|
14.13p
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share
(pence) on continuing and discontinued operations
|
|
|
(5.66p)
|
|
* Represents the unaudited 6-month
period to 28 February 2023 for both continuing and discontinued
operations. Discontinued operations refer to the Oncimmune
Ltd and other subsidiaries sold to Freenome on 19 May 2023.
** Represents the
12-month period to 31 August 2023 for continuing
operations only (unless explicitly labelled as relating to
discontinued operations).
Oncimmune Holdings plc
Consolidated statement of financial position as at 29 February
2024
|
|
|
Unaudited
29 February 2024
|
Audited
31 August 2023 **
|
Unaudited
28 February
2023 *
|
|
|
Notes
|
£'000
|
£'000
|
£'000
|
|
Assets
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Goodwill
|
|
1,578
|
1,578
|
1,578
|
|
Intangible
assets
|
|
437
|
483
|
2,048
|
|
Property, plant and
equipment
|
|
395
|
471
|
647
|
|
Other
assets
|
|
302
|
339
|
887
|
|
|
|
2,712
|
2,871
|
5,160
|
|
Current assets
|
|
|
|
|
|
Inventories
|
|
360
|
235
|
391
|
|
Trade and other
receivables
|
|
1,860
|
1,959
|
1,546
|
|
Contract
assets
|
|
104
|
162
|
-
|
|
Cash and cash
equivalents
|
|
911
|
3,209
|
780
|
|
|
|
3,235
|
5,565
|
2,717
|
|
Total assets
|
|
5,947
|
8,436
|
7,877
|
|
|
|
|
|
|
|
Equity: Capital and reserves attributable to the equity
holders
|
|
|
|
|
|
Share
capital
|
|
741
|
741
|
741
|
|
Share
premium
|
|
42,687
|
42,683
|
42,687
|
|
Merger
reserve
|
|
1,095
|
1,095
|
31,883
|
|
Own
shares
|
|
-
|
-
|
(1,926)
|
|
Foreign exchange
translation reserve
|
|
(277)
|
(223)
|
89
|
|
Retained
earnings
|
|
(45,523)
|
(43,639)
|
(79,532)
|
|
Total equity
|
|
(1,277)
|
657
|
(6,058)
|
|
Liabilities
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Borrowings
|
|
4,260
|
4,912
|
-
|
|
Other
liabilities
|
|
-
|
1,284
|
2,000
|
|
Lease
liability
|
|
18
|
57
|
111
|
|
Deferred
tax
|
|
96
|
104
|
-
|
|
|
|
4,374
|
6,357
|
2,111
|
|
Current liabilities
|
|
|
|
|
|
Trade and other
payables
|
|
1,778
|
894
|
927
|
|
Contract
liabilities
|
|
88
|
196
|
582
|
|
Other statutory
liabilities
|
|
-
|
-
|
2
|
|
Lease
liability
|
|
74
|
74
|
226
|
|
Borrowings
|
|
910
|
258
|
10,087
|
|
|
|
2,850
|
1,422
|
11,824
|
|
Total liabilities
|
|
7,224
|
7,7779
|
13,935
|
|
Total equity and liabilities
|
|
5,947
|
8,436
|
7,877
|
* Represents the unaudited 6-month
period to 28 February 2023 for both continuing and discontinued
operations. Discontinued operations refer to the Oncimmune
Ltd and other subsidiaries sold to Freenome on 19 May 2023.
** Represents the
12-month period to 31 August 2023 for continuing
operations only (unless explicitly labelled as relating to
discontinued operations).
Oncimmune Holdings plc
Consolidated statement of cash flows for the six months ended 29
February 2024
|
|
Unaudited
6 months to
29 February 2024
|
Audited
year to
31 August 2023 **
|
Unaudited
6 months to
28 February
2023 *
|
|
|
£'000
|
£'000
|
£'000
|
|
Cash
flow from operating activities
|
|
|
|
|
Income/(loss) before income tax from
continuing operations
|
(1,106)
|
(5,928)
|
-
|
|
Income/(loss) before income tax from
discontinued operations
|
-
|
10,255
|
-
|
|
Income/ (Loss) before income
tax
|
(1,106)
|
4,327
|
(4,105)
|
|
Adjusted by:
|
|
|
|
|
Depreciation and
amortisation
|
154
|
981
|
780
|
|
Lease modification
|
-
|
(47)
|
(157)
|
|
Interest expense
|
348
|
2,954
|
-
|
|
Deferred tax adjustment
|
-
|
-
|
(311)
|
|
Share-based payment
charge
|
(753)
|
(1,182)
|
-
|
|
Gain on sale of discontinued
operations
|
-
|
(12,160)
|
|
|
Changes in working
capital
|
-
|
|
|
|
(Increase)/decrease in
inventories
|
(125)
|
158
|
39
|
|
Decrease/(increase) in trade and
other receivables
|
157
|
50
|
177
|
|
(Decrease)/increase in trade and
other payables
|
(516)
|
(231)
|
12
|
|
Cash
used in operating activities
|
(1,841)
|
(5,150)
|
(3,565)
|
|
Interest paid
|
(339)
|
(1,635)
|
(8)
|
|
Income tax
(paid)/received
|
-
|
(6)
|
(5)
|
|
Net
cash used in operating activities
|
(2,180)
|
(6,791)
|
(3,578)
|
|
|
|
|
|
|
Cash
flow from investing activities
|
|
|
|
|
Purchase of property, plant and
equipment
|
(4)
|
(31)
|
(25)
|
|
Proceeds on sale of property, plant
and equipment
|
|
39
|
|
|
Settlement of liabilities assumed by
acquirer on disposal
|
|
11,700
|
|
|
Net cash on sale of discontinued
operations
|
|
(125)
|
|
|
Disposal/(purchase) of intangible
assets
|
-
|
(625)
|
667
|
|
Payment of deferred
consideration
|
-
|
-
|
110
|
|
Net
cash (used in)/generated from investing
activities
|
(4)
|
11,583
|
752
|
|
|
|
|
|
|
Cash
flow from financing activities
|
|
|
|
|
Net funds raised through share
issues
|
(4)
|
2,095
|
2,099
|
|
Loan repayments
|
-
|
(4,885)
|
65
|
|
Principal elements of lease
repayments
|
(45)
|
(225)
|
(114)
|
|
Net
cash (used in)/generated from financing
activities
|
(49)
|
(3,015)
|
2,050
|
|
Net
(decrease)/increase in cash and cash equivalents
|
(2,233)
|
1,777
|
(776)
|
|
Movement in cash attributable to
foreign exchange
|
(64)
|
7
|
131
|
|
Cash and cash equivalents at the
beginning of the period
|
3,208
|
1,425
|
1,425
|
|
Cash
and cash equivalents at the end of the period
|
911
|
3,209
|
780
|
* Represents the unaudited 6-month
period to 28 February 2023 for both continuing and discontinued
operations. Discontinued operations refer to the Oncimmune
Ltd and other subsidiaries sold to Freenome on 19 May 2023.
** Represents the
12-month period to 31 August 2023 for continuing
operations only (unless explicitly labelled as relating to
discontinued operations).
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General information
The principal activity of Oncimmune
Holdings plc (the "Company") and its subsidiaries (together, the
"Group") is offering autoantibody biomarker profiling in
immuno-oncology, autoimmune and infectious diseases. The Company is
incorporated and domiciled in the United Kingdom. The address of
its registered office is 1 Park Row Leeds LS1 5AB. The registered
number is 09818395.
As permitted, this Interim Report
has been prepared in accordance with the AIM rules and not in
accordance with IAS 34 "Interim Financial Reporting".
This Consolidated Interim Report and
the financial information for the six months ended 29 February 2024
does not constitute full statutory accounts within the meaning of
section 434 of the Companies Act 2006 and are unaudited. This
unaudited Interim Report was approved by the Board of Directors on
20 May 2024.
The consolidated interim financial
statements are presented in Sterling and have been rounded to the
nearest thousand (£'000). The comparators in the consolidated
interim financial statements represent:
o The
12-month period to 31 August 2023 for continuing operations only
(unless explicitly labelled as relating to discontinued
operations)
o The
unaudited 6-month period to 28 February 2023 for both continuing
and discontinued operations.
The consolidated financial
statements are prepared under the historical cost
convention.
The Group's financial statements for
the period ended 31 August 2023 have been filed with the Registrar
of Companies. The Group's auditor's report on these financial
statements was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
From 1 September 2023, for reasons
of materiality, the Group is not showing Research & Development
expenditure separately on the Income Statement.
Electronic communications
The Company is not proposing to
distribute hard copies of this Interim Report for the six months
ended 29 February 2024 unless specifically requested by individual
shareholders.
The Board believes that by utilising
electronic communication it delivers savings to the Company in
terms of administration, printing and postage, and environmental
benefits through reduced consumption of paper and inks, as well as
speeding up the provision of information to
shareholders.
News updates, Regulatory News and
Financial statements can be viewed and downloaded from the
Company's website, www.oncimmune.com. Copies can also be
requested from; The Company Secretary, Oncimmune Holdings plc, 1
Park Row Leeds LS1 5AB or by email: contact@oncimmune.com
Events after the reporting
period
There are no events to report after
the reporting period.